A 40-year-old man has 432860 in an ira account he decides, Other Engineering

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A 40-year-old man has 432860 in an ira account he decides

Question: (a) A 40-year-old man has $432,860 in an IRA account. He decides to make no additional contributions to the account but expects it to grow at 7.5% compounded annually. How much does he expect to have in the account when he retires at age 62?

(b) How much more money would the man have if his investments earned 8.5% compounded annually?

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